Why are so many U.S. CEOs in China with Trump, and what do they want?
CBS News Top ·
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Chinese President Xi Jinping told U.S. CEOs traveling with President Trump to China that it will open further to American business, a key goal for corporate leaders eager to expand their presence in …
Chinese President Xi Jinping told U.S. CEOs traveling with President Trump to China that it will open further to American business, a key goal for corporate leaders eager to expand their presence in the world's second-largest economy. Xi spoke with the delegation of chief executives, which includes Apple CEO Tim Cook, Tesla CEO Elon Musk and Nvidia CEO Jensen Huang, according to a statement on Thursday from the Chinese Foreign Ministry. The executives — whose combined net worth approaches $1 trillion — lead companies with major interests in China, despite years of trade disputes between the world's two largest economies. China's pledge to welcome more foreign business comes after years of escalating trade tensions with the U.S., including the Trump administration's move last year to raise tariffs on Chinese imports to as much as 125% after Mr. Trump said China "was taking us for a ride." Yet U.S. companies continue to see China's expanding middle class and massive consumer base as critical growth markets, even as it has become harder to wring profits from financially struggling consumers in the U.S. and other developed economies. The White House said that several American business leaders participated in a portion of a broader meeting between U.S. and Chinese officials. …
Original source: CBS News Top